Net Operating Losses

by on July 24, 2015

LossesToday TaxMama® hears from Jean in the TaxQuips Forum, with this problem. “I have a client that hasn’t filed his personal tax returns for 8 years. He is currently under audit, and I am preparing the returns. Can I carryback net operating losses (NOLs) from 2012 to 2010, and forward from 2009 to 2010? Since these tax returns have never been filed to begin with, does that allow me to go that far back?”

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IRS Notices

July 7, 2015

Today TaxMama® hears from Paul in the TaxQuips Forum, with this common issue. “I just received a CP2000 Notice from the IRS informing me of $1,900 in proposed taxes due from 2013. (On our joint return, I forgot to include my wife’s 1099 earnings in the amount of $5,100.) This amount due seems high, given […]

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Reasonable Care and RMD

June 15, 2015
Uh oh naughty naughty

Today TaxMama® hears from Sonia in the TaxQuips Forum, who has this quickie question. “I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief?” photo by:

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Vacation Home Mortgage

April 27, 2015
That eternal mortgage

Today TaxMama® hears from LFloom in the TaxQuips Forum with a very good question. We want to buy a vacation home that will eventually be a retirement home. It is difficult and more expensive to get a loan on this place. So, I want to get a mortgage on my primary home to buy the […]

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Tax Season Blues

April 15, 2015
Overwhelmed by tax records

Today TaxMama® just wants to bring up a little lightness of being. Today is the day to pay last year’s taxes with the extension; estimated taxes for this year, and the final IRA contribution to reduce last year’s taxes a bit. So…it’s time to sing the blues.

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Collecting Social Security Early

April 10, 2015
Collecting Social Security

Today TaxMama® hears from Thom in the TaxQuips Forum with a question I used to wonder about. “I started collecting Social Security benefits at 62. I just started working a few hours a week part time. Why are they still deducting SS from my paycheck, since I am collecting benefits?” photo by:

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Everything You Want to Know About the EA Exam 2015

March 23, 2015
 All  About the EA Exam

The REPLAY of the March 2015 webinar is here! Becoming a knowledgeable tax professional isn’t easy. It takes a lot of dedication, math skills, and the flexibility to keep up with the myriad of tax law changes that take place each year. But it can be done. And TaxMama’s EA Exam Review Course  is the best […]

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Oops Got Another 1099, W-2 etc

March 18, 2015
Yet another mistake

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with another common problem. “I filed my tax return and then got another W-2, 1099, or a corrected 1099 from my brokers. What should I do now?” photo by:

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Moving & Payroll

March 9, 2015
Multiple states

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with this common problem. “My client moved to a different state while working for the same company. His W-2 shows withholding for the former state, but none for the state he lived in. His employer won’t correct the W-2. What should we do?” […]

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Home Schooling

February 23, 2015

Today TaxMama® hears from Sharonda in the TaxQuips Forum with this fun topic, let me re-phrase. “I have a new client that home schools her children. What tax breaks are available to her?”                                                                            

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